BP gets gas in the US
24 Sep 2001
BP Gas and Power North America today announced it has agreed to purchase a set of natural gas marketing and trading assets from TransCanada PipeLines Limited.
The assets include Cibola Energy Services Corporation, an Omaha based natural gas marketing and trading company that has a transportation, storage and customer portfolio in the US Midwest and Mid Continent.
BP will also acquire a number of transportation contracts on TransCanada's Alberta System and Mainline and on Foothills Pipe Lines and CanStates Marketing, an Alberta supply aggregation business.
TransCanada will also assign to BP the contracts related to the management of assets and supply to SEMCO Energy Gas Company. SEMCO is a Michigan based utility serving over 250,000 customers.
The acquisition includes natural gas sales of approximately 1.6 billion cubic feet per day.
The transaction is scheduled to close in the fourth quarter and is subject to a number of terms and conditions including regulatory approval in Canada.
Terms of the agreement were not disclosed.
